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's activity report 2022

In November and December, precious metal prices slightly recovered, but remained significantly below the peak levels of March 2022. Rising interest rates coupled with a strong US dollar continue to outweigh the demand for safety and the problem of high inflation. Weak investment demand has helped keep gold prices down, but central bank purchases provided some support. Silver prices have been hampered by weak industrial demand, while platinum prices have risen more strongly, reflecting the recovery in demand and supply for automotive catalysts. Precious metal prices face both headwinds and tailwinds in 2023. More aggressive monetary tightening in response to elevated inflation would lower prices, while the end or reversal of interest rate hikes and the intensification of geopolitical tensions could support prices.

The price of gold fell to an 18-month low in October. The US Federal Reserve raised its base interest rate seven times in 2022, a total of 4.25 percentage points, reaching the highest level in the last 15 years. The US dollar has also appreciated sharply, with the dollar index rising to its highest level in the last two decades. As a result, investment demand for gold has significantly weakened, as the net outflow of gold-backed exchange-traded funds (ETFs) has continued. The price of gold was also affected by weak demand for jewelry, especially in China due to pandemic restrictions. These factors have more than offset the central bank's strong gold purchases.

In early 2022, demand for silver was at its peak due to the upcoming changes in the Estonian VAT law, and many investors took the opportunity to buy silver and platinum without VAT. Due to changes in local VAT law, demand for silver significantly decreased from July 1, 2022. Demand for gold remained at the same level. To keep sales at the same high level in 2023, GVS North plans

Europe to reach new traders and involve more private investors not only from Estonia, but also from the Baltic countries and the Northern region.

As of December 31, 2022, the company's balance sheet total was 3,071,638 euros (2021: 4,667,639 euros) and the profit for the reporting year was 244,074 euros (2021: 616,436 euros). The most important ratios at the end of the reporting year were as follows:

Working capital 2022: = current assets - short-term liabilities = 3,062,198 euros - 2,808,742 euros = 253,456 euros

Working capital 2021: = current assets - short-term liabilities = 4,654,006 euros - 3,978,661 euros = 675,345 euros.

Working capital shows that GVS North Europe OÜ can meet all its short-term obligations.

Short-term liabilities coverage ratio 2022: = current assets ÷ short-term liabilities = 3,062,198 euros ÷ 2,808,742 euros = 1.09

Short-term liabilities coverage ratio 2021: = current assets ÷ short-term liabilities = 4,654,006 euros ÷ 3,978,661 euros = 1.17